E-Jurnal Ekonomi dan Bisnis Universitas Udayana
Economic and Business E-Journal of Udayana University (EEB) ISSN ONLINE: 2337-3067 is an electronic scientific journal that publishes the results of economic and business studies. EEB is published periodically every month with an online format. EEB Editor receives written results of studies in the fields of economics, management, and accounting, both empirical and theoretical studies which are analyzed qualitatively and quantitatively and have never been and will not be published in other media. The incoming script will be evaluated and edited for uniformity of formats, terms and other procedures according to the style of the environment that applies to the E-Journal of Economics and Business at Udayana University. E-Journal of Economics and Business at Udayana University was published by the Faculty of Economics and Business, Udayana University.
Fakultas Ekonomi dan Bisnis Universitas Udayana
PENGARUH SOCIAL MEDIA ENVIRONMENTAL FACTORS TERHADAP VISIT INTENTION PANTAI PANGANDARAN DENGAN DESTINATION ENVY SEBAGAI MEDIASI
Penelitian ini bertujuan untuk menganalisis pengaruh Electronic Word of Mouth (E-WoM), Subjective norm, dan Visibility terhadap Visit Intention yang dimediasi oleh Destination envy pada destinasi wisata alam Pantai Pangandaran. Penelitian ini menggunakan metode survei dengan pendekatan kuantitatif, melalui penyebaran kuesioner kepada 220 responden yang merupakan pengguna aktif media sosial di Pulau Jawa, dengan teknik purposive sampling. Data dianalisis menggunakan Structural Equation Modeling (SEM) dengan bantuan software AMOS. Hasil penelitian secara teoritis menunjukkan bahwa E-WoM, Subjective norm, dan Visibility berpengaruh positif terhadap Destination envy, serta Destination envy berpengaruh positif terhadap Visit Intention. Secara praktis, temuan ini mengindikasikan bahwa strategi pemasaran destinasi wisata melalui media sosial perlu mempertimbangkan faktor-faktor tersebut untuk menciptakan rasa envy positif yang mendorong minat kunjungan wisatawan. Implikasi penelitian ini dapat dimanfaatkan oleh pengelola destinasi wisata dan pelaku industri pariwisata dalam merancang kampanye pemasaran yang lebih efektif berbasis media sosial. This study aims to analyze the influence of Electronic Word of Mouth (E-WoM), Subjective norm, and Visibility on Visit Intention, mediated by Destination envy, at the Pangandaran beach nature tourism destination. A quantitative survey method was employed by distributing questionnaires to 220 respondents who are active social media users in Java Island, using purposive sampling. The data were analyzed using Structural Equation Modeling (SEM) with the AMOS software. The theoretical findings show that E-WoM, Subjective norm, and Visibility have a positive effect on Destination envy, and Destination envy positively influences Visit Intention. From a practical perspective, these findings suggest that tourism destination marketing strategies through social media should consider these factors to generate positive envy that encourages tourists' visit intention. The implications of this study can be utilized by tourism destination managers and industry practitioners in designing more effective social media-based marketing campaigns.
Copyright (c) 2025 Alvi Musyaropah, Lucky Radi Rinandiyana, Allicia Deana Santosa (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH PENGELOLAAN KEUANGAN, GAYA HIDUP, DAN MEDIA SOSIAL TERHADAP KEPUTUSAN PENGGUNAAN PAYLATER PADA GENERASI SANDWICH
Penelitian bertujuan mengeksplorasi faktor-faktor yang memengaruhi keputusan penggunaan paylater seperti pengelolaan keuangan, gaya hidup, dan media sosial pada generasi sandwich di Kota Mataram. Penelitian mempertimbangan generasi sandwich sebagai target pasar penggunaan paylater karena memiliki daya beli yang relatif tinggi akibat tekanan finansial ganda. Pendekatan kuantitatif digunakan melalui kuesioner yang melibatkan 302 responden generasi sandwich di Kota Mataram. Data dianalisis menggunakan PLS-SEM pada SmartPLS 4.1.0.9 melalui pengujian model pengukuran dan pengujian model struktural untuk menguji pengaruh antar variabel. Hasil penelitian menunjukkan pengelolaan keuangan tidak berpengaruh terhadap keputusan penggunaan paylater karena generasi sandwich cenderung memiliki kontrol perilaku rendah untuk pengeluaran jangka pendek. Dorongan memenuhi kebutuhan membuat generasi sandwich lebih rentan dalam mengambil keputusan finansial tanpa mempertimbangkan pengelolaan keuangan secara menyeluruh. Sebaliknya, gaya hidup yang didorong oleh ekspektasi sosial maupun kebutuhan emosional memengaruhi keputusan generasi sandwich untuk menggunakan paylater. Media sosial memiliki pengaruh terbesar terhadap keputusan generasi sandwich menggunakan paylater melalui paparan informasi yang tersedia. The research aims to explore the factors that influence the decision to use paylater such as financial management, lifestyle, and social media in the sandwich generation in Mataram City. The research considers the role of the sandwich generation as the target market for using paylater because they have relatively high purchasing power due to multiple financial pressures. A quantitative approach was used with data collection techniques through questionnaires involving 302 sandwich generation respondents in Mataram City. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.1.0.9 software through measurement model testing and structural model testing to test the influence between variables. The results showed that financial management had no effect on the decision to use Paylater. The sandwich generation tends to have low behavioural control over short-term spending due to the urge to meet daily needs or urgent needs. Conversely, a lifestyle driven by social expectations and emotional needs of the sandwich generation's decision to use paylater. Social media has the greatest influence on the decision to use paylater through exposure to available information.
Anak Agung Ngurah Agung Adi Rama Putra Dalem
Copyright (c) 2025 Anak Agung Ngurah Agung Adi Rama Putra Dalem, Nurabiah (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH AKUNTANSI MANAJEMEN LINGKUNGAN, KINERJA LINGKUNGAN DAN PENGUNGKAPAN LINGKUNGAN TERHADAP NILAI PERUSAHAAN
Kesadaran lingkungan meningkat akibat perubahan iklim, polusi, dan keterbatasan sumber daya, sementara Akuntansi Manajemen Lingkungan (AML) membantu perusahaan mengelola dampak ekologis, meningkatkan transparansi, dan membangun kepercayaan investor dengan pengaruh yang bervariasi terhadap nilai perusahaan. Penelitian ini menganalisis hubungan antara AML, kinerja lingkungan, dan pengungkapan lingkungan terhadap nilai perusahaan. Penelitian ini menyasar perusahaan, pemerintah, investor, dan masyarakat dalam mendukung keberlanjutan lingkungan melalui AML, regulasi, transparansi, dan praktik bisnis hijau. Penelitian ini menggunakan metode kuantitatif dengan sampel sebanyak 192 laporan keuangan dari perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) pada sector basic material. Analisis data dilakukan menggunakan statistik deskriptif dan diuji dengan program SPSS. Hasil analisis menunjukkan bahwa AML, kinerja lingkungan, dan pengungkapan lingkungan berpengaruh signifikan terhadap nilai perusahaan. AML memiliki dampak positif, kinerja lingkungan berkontribusi pada peningkatan nilai perusahaan, dan pengungkapan lingkungan memperkuat transparansi serta daya saing perusahaan. Manajer perlu mengelola investasi AML secara efisien dengan strategi perusahaan untuk meningkatkan kepercayaan investor. Environmental awareness has increased due to climate change, pollution, and limited resources. In response, Environmental Management Accounting (EMA) helps companies manage ecological impacts, enhance transparency, and build investor trust, each with varying effects on firm value. This study analyzes the relationship between EMA, environmental performance, and environmental disclosure on firm value. It targets companies, government institutions, investors, and the public in supporting environmental sustainability through EMA, regulations, transparency, and green business practices. A quantitative approach was employed using a sample of 192 financial reports from companies listed on the Indonesia Stock Exchange (IDX) in the basic materials sector. Data analysis was conducted using descriptive statistics and tested with the SPSS program. The results indicate that EMA, environmental performance, and environmental disclosure have a significant effect on firm value. EMA has a positive impact, environmental performance contributes to the enhancement of firm value, and environmental disclosure strengthens transparency and corporate competitiveness. Managers are encouraged to manage EMA investments efficiently through corporate strategies to increase investor trust.
Copyright (c) 2025 Amarylis Imana Putri, R. Rosiyana Dewi (Author) https://creativecommons.org/licenses/by/4.0
FINANCIAL STATEMENT FRAUD DALAM PERSPEKTIF FRAUD HEXAGON PADA PERUSAHAAN SEKTOR TRANSPORTASI DAN LOGISTIK DI BEI
Penelitian ini bertujuan untuk mengkaji secara empiris pengaruh pressure, rationalization, opportunity, capability, ego, dan collusion pada financial statement fraud. Sampel pada penelitian ini adalah perusahaan sektor transportasi dan logistik yang terdaftar di BEI pada periode 2020-2023. Metode penentuan sampel dalam penelitian ini adalah non-probability sampling dan adapun teknik penarikan sampel adalah purposive sampling, dengan 104 observasi. Analisis data penelitian menggunakan analisis regresi linier berganda. Berdasarkan hasil analisis dapat diperoleh simpulan bahwa rationalization berpengaruh positif pada financial statement fraud, sedangkan pressure, opportunity, capability, ego, serta collusion tidak berpengaruh pada financial statement fraud. Penelitian ini memberikan bukti secara empiris mengenai teori fraud hexagon dalam mengidentifikasi faktor-faktor yang mempengaruhi seseorang dalam melakukan tindakan fraud, terutama financial statement fraud. Implikasi dari penelitian ini adalah peningkatan strategi pengawasan internal untuk perusahaan sektor transportasi dan logistik sehingga dapat mengambil langkah-langkah preventif yang tepat dan efektif dalam mencegah tindakan fraud. This study aims to examine empirically the effect of pressure, rationalization, opportunity, capability, ego, and collusion on financial statement fraud. The sample in this study is transportation and logistic sector companies listed on the Indonesia Stock Exchange in 2020-2023. The method of determining the sample in this study is non-probability sampling with sampling techniques using purposive sampling, with a total sample of 26 companies with 104 observations. Data analysis using multiple linear regression analysis. The research findings indicate that rationalization has a positive effect on financial statement fraud, pressure has no effect on financial statement fraud, opportunity has no effect on financial statement fraud, capability has no effect on financial statement fraud, ego has no effect on financial statement fraud, and collusion has no effect on financial statement fraud. This research provides empirical evidence regarding the fraud hexagon theory in identifying factors that influence a person in committing fraud, especially financial statement fraud. The implication of this research is an increase in internal control strategies for transportation and logistics sector companies so that they can take appropriate and effective preventive measures in preventing fraud.
Copyright (c) 2025 Putu Melia Utami Putri, Ni Made Dwi Ratnadi, I Ketut Suryanawa, Ni Ketut Rasmini (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH SANKSI, MORAL DAN PEMAHAMAN PAJAK TERHADAP KEPATUHAN: MODERASI GENDER PADA SANKSI
Pajak merupakan pendapatan negara terbesar dan menjadi isntrumen dalam mewujudkan kemandirian fiskal. Tingkat penerimaan pajak sangat bergantung pada kepatuhan wajib pajak. Penelitian ini bertujuan untuk menguji sanksi pajak, moral pajak, dan pemahaman pajak yang berkaitan dengan kepatuhan menjadi fokus riset ini. Lebih jauh, riset ini menyelidiki apakah gender memiliki peran dalam meningkatkan atau mengurangi korelasi antara denda pajak dan kepatuhan pajak. Seratus partisipan, dipilih secara acak dengan memakai metode sampling insidental, berpartisipasi dalam riset ini di KPP Pratama Tabanan. Analisis Regresi Moderasi (MRA) dipakai untuk memeriksa data yang dikumpulkan. Riset ini menemukan yaitu denda pajak, moral pajak, dan pengetahuan pajak semuanya berkontribusi pada kepatuhan pajak yang lebih tinggi. Pada saat yang sama, tidak ada bukti bahwa gender memoderasi korelasi antara denda pajak dan kepatuhan. Temuan ini menunjukan bahwa faktor internal (seperti moral pajak dan pemahaman) maupun faktor eksternal (seperti sanksi) sama-sama penting dalam meningkatkan kepatuhan wajib pajak. Riset ini menambah pemahaman kita tentang faktor-faktor yang memengaruhi kecenderungan orang untuk membayar pajak yang wajar dan memberikan rekomendasi bagi kebijakan perpajakan yang lebih efektif. Taxes are the largest source of state revenue and serve as an instrument to achieve fiscal independence. The level of tax revenue heavily depends on taxpayer compliance. This research aims to examine tax penalties, tax morale, and tax knowledge in relation to tax compliance. Furthermore, this study investigates whether gender plays a role in strengthening or weakening the correlation between tax penalties and tax compliance. One hundred participants, selected randomly using incidental sampling, took part in this study at KPP Pratama Tabanan. Moderated Regression Analysis (MRA) was used to analyze the collected data. The study found that tax penalties, tax morale, and tax knowledge all contribute to higher tax compliance. At the same time, there is no evidence that gender moderates the correlation between tax penalties and compliance. These findings indicate that both internal factors (such as tax morale and knowledge) and external factors (such as sanctions) are equally important in improving taxpayer compliance. This research enhances our understanding of the factors that influence people's tendency to pay taxes fairly and provides recommendations for more effective tax policies.
Copyright (c) 2025 I.A. Pt. Wahyu Sri Saraswati, I Ketut Jati (Author) https://creativecommons.org/licenses/by/4.0
THE INFLUENCE OF SOCIAL MEDIA ON GEN Z INVESTMENT DECISIONS IN APPLICATION-BASED CAPITAL MARKETS
This study examines the influence of social media on Gen Z’s investment decisions in the Indonesian application-based capital market, with Intention of Use as an intervening variable. Utilising a quantitative research approach, the data were analysed using Structural Equation Modelling (SEM) with Partial Least Squares (PLS) analysis. The independent variables include Perceived Usefulness, Perceived Ease of Use, Perceived Risk, and Investment Knowledge, while the dependent variable is Investment Decisions, which are mediated by Intention to Use. The findings reveal that Intention of Use significantly impacts Gen Z’s investment decisions. Additionally, Perceived Usefulness, Perceived Ease of Use, and Investment Knowledge positively influence both investment decisions and the intention to use social media. Conversely, Perceived Risk has no significant effect on investment decisions or the intention to use social media. These results highlight the importance of social media as a strategic marketing tool for investment application developers. Developers are advised to focus on enhancing user experience and providing educational content to foster trust and knowledge, ultimately increasing Gen Z’s engagement and investment decisions in the application-based capital market.
Copyright (c) 2025 Elok Maziyah (Author) https://creativecommons.org/licenses/by/4.0
DOES DIVIDEND POLICY MEDIATE THE EFFECT OF FINANCIAL PERFORMANCE AND CAPITAL STRUCTURE ON FIRM VALUE?
A company's dividend policy is a crucial element that influences financial performance and capital structure on firm value. This study builds on earlier research by analyzing the function of dividend policy as a mediator between financial performance, capital structure and firm value, with a focus on stocks included in the ISSI Index. This research aims to examine whether dividend policy serves as a mediating variable in the relationship between financial performance, capital structure and firm value among manufacturing firms listed on the ISSI Index. This quantitative study utilized a sample of 425 observations from manufacturing companies on the ISSI Index during the 2019–2023 period. The PLS-SEM position was employed in regression analysis. Profitability (ROA), liquidity (CR), leverage (DER), and capital structure (DAR) seemed amid the independent variables this were studied. Firm value was measured by Tobin’s Q and PBV as dependent variables, while dividend policy (DPR) served as the mediating variable. It was found that profitability and capital structure contribute positively to firm value, as measured by Tobin’s Q and PBV, whereas liquidity has a negative impact. Leverage only affects firm value when PBV is used as a proxy. Also, this study demonstrates that the relationship between profitability, liquidity, leverage, and capital structure on firm value (Tobin’s Q and PBV) is significantly mediated by dividend policy. By strengthening and extending the bird-in-the-hand theory, this research offers a theoretical contribution by highlighting the importance of dividend payouts in enhancing firm value, particularly for manufacturing companies listed on the ISSI Index.
Copyright (c) 2025 Reza Septiana Wibowo, Tarsisius Renald Suganda, Daniel Sugama Stephanus (Author) https://creativecommons.org/licenses/by/4.0
INFLUENCE OF LITERACY, ATTITUDE, AND INTENTION ON STUDENT FINANCIAL BEHAVIOR
This study examines the influence of financial literacy and financial attitude on the financial management behavior of Generation Z students in Bengkulu and North Sumatra, with behavioral intention serving as a mediating variable. Using the Theory of Planned Behavior (TPB) as a framework, the study employed a quantitative, cross-sectional survey involving 271 purposively selected students. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM).The findings reveal that financial attitude has a significant direct effect on financial management behavior, while financial literacy does not directly influence behavior. However, both financial literacy and financial attitude significantly affect behavioral intention, which in turn positively influences financial management behavior. Additionally, behavioral intention mediates the relationship between financial literacy and behavior, as well as between financial attitude and behavior. These results highlight the importance of behavioral intention as a key pathway through which financial literacy and attitudes shape actual financial practices. Therefore, financial education initiatives should not only focus on increasing knowledge but also on fostering positive financial attitudes and strengthening students’ intentions to manage finances responsibly. Integrating motivational components and practical applications into financial education programs can enhance students’ ability to translate knowledge and attitudes into consistent financial behavior. This has important implications for educators and policymakers aiming to improve financial well-being among youth in Indonesia.
Copyright (c) 2025 Dias Agustin Banurea, Berto Usman (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH KUALITAS RANGKA eSAF TERHADAP CITRA MEREK SERTA DAMPAKNYA PADA MINAT BELI ULANG MOTOR MATIC HONDA
PT Astra Honda Motor (AHM) merupakan pelopor yang memproduksi sepeda motor di Indonesia. Salah satu rangka yang digunakan pada motor matic Honda yaitu rangka eSAF. Rangka eSAF merupakan struktur sepeda motor Honda yang baru diaplikasikan sejak tahun 2019. Rangka eSAF motor Honda menjadi perhatian karena disebut mudah mengalami karatan yang mengakibatkan cepat keropos dan patah. Penelitian ini bertujuan untuk mengetahui pengaruh dari kualitas rangka eSAF terhadap citra merek serta dampaknya pada minat beli ulang motor matic Honda. Analisis data yang digunakan yaitu analisis jalur dengan purposive sampling dan jumlah sampel sebanyak 105 responden yang berdomisili di Jabodetabek. Hasil penelitian menunjukkan bahwa 1) Kualitas rangka eSAF berpengaruh terhadap citra merek, 2) Kualitas rangka eSAF berpengaruh terhadap minat beli ulang, 3) Citra merek tidak berpengaruh terhadap minat beli ulang, 4) Kualitas rangka eSAF dan citra merek secara simultan berpengaruh terhadap minat beli ulang, 5) Tidak terdapat pengaruh tidak langsung antara kualitas rangka eSAF terhadap minat beli ulang melalui citra merek. Rekomendasi penelitian ini secara umum yaitu AHM diharapkan senantiasa menjaga atau memberikan kualitas rangka eSAF yang baik agar dapat mempertahankan citra merek Honda yang sudah dibangun. PT Astra Honda Motor (AHM) is a pioneer in producing motorcycles in Indonesia. One of the frames used in Honda's automatic motorbikes is the eSAF frame. The eSAF frame is a Honda motorcycle structure that has only been applied since 2019. The Honda motorcycle eSAF frame is a concern because it is said to be easy to experience rust which results in rapid loss and fracture. This study aims to determine the effect of eSAF frame quality on brand image and its impact on repurchase interest in Honda automatic motorbikes. The data analysis used is path analysis with purposive sampling and a sample size of 105 respondents who live in Jabodetabek. The results showed that 1) eSAF frame quality affects brand image, 2) eSAF frame quality affects repurchase intention, 3) Brand image has no effect on repurchase intention, 4) eSAF frame quality and brand image simultaneously affect repurchase intention, 5) There is no indirect influence between eSAF frame quality on repurchase intention through brand image. The recommendation of this study in general is that AHM is expected to always maintain or provide good eSAF frame quality in order to maintain the Honda brand image that has been built.
Copyright (c) 2025 Desi Ramadina, Muniaty Aisyah (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH PROFITABILITAS, LEVERAGE, TEKANAN INVESTOR DAN KEPEMILIKAN MANAJERIAL PADA KUALITAS PENGUNGKAPAN DALAM SUSTAINABILITY REPORT
Kualitas pengungkapan dalam sustainability report mencerminkan sejauh mana informasi keberlanjutan disajikan secara transparan, akurat, relevan, dan dapat dibandingkan sehingga mampu memenuhi kebutuhan para stakeholder akan informasi non-keuangan perusahaan. Penelitian ini menguji secara empiris pengaruh profitabilitas, leverage, tekanan investor, dan kepemilikan manajerial terhadap kualitas pengungkapan dalam sustainability report. Sampel pada penelitian adalah perusahaan sektor manufaktur yang menerbitkan sustainability report yang terdaftar di Bursa Efek Indonesia pada periode 2019 dan 2021-2023. Pada penelitian ini, penulis menggunakan metode penentuan sampel yaitu purposive sampling sebanyak 130 observasi. Analisis data menggunakan analisis regresi linier berganda. Berdasarkan hasil analisis data dapat diperoleh simpulan bahwa profitabilitas berpengaruh positif pada kualitas pengungkapan dalam sustainability report. Leverage, tekanan investor, dan kepemilikan manajerial tidak berpengaruh pada kualitas pengungkapan dalam sustainability report. Implikasi penelitian ini adalah peningkatan profitabilitas dapat mendorong perusahaan untuk meningkatkan kualitas pengungkapan dalam sustainability report yang bertujuan untuk memenuhi ekspektasi konsumen yang pada akhirnya akan sangat berpengaruh pada profitabilitas. The quality of disclosure in sustainability reports reflects the extent to which sustainability information is presented in a transparent, accurate, relevant, and comparable manner, thereby fulfilling stakeholders' needs for non-financial corporate information. This study empirically examines the influence of profitability, leverage, investor pressure, and managerial ownership on the quality of sustainability report disclosures. The sample consists of manufacturing sector companies listed on the Indonesia Stock Exchange that published sustainability reports during the years 2019 and 2021–2023. Using a purposive sampling method, a total of 130 observations were obtained. Data analysis was conducted using multiple linear regression. The results indicate that profitability has a positive effect on the quality of sustainability report disclosures. In contrast, leverage, investor pressure, and managerial ownership do not significantly affect disclosure quality. The implication of this study is that improved profitability can encourage companies to enhance the quality of their sustainability report disclosures in order to meet stakeholders’ expectations regarding transparency and accountability, especially from consumers who significantly influence profitability.
Copyright (c) 2025 Gede Galan Dhira Mahesana, Ni Made Dwi Ratnadi (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH KINERJA KEUANGAN TERHADAP KESEJAHTERAAN MASYARAKAT PEMERINTAH DAERAH KOTA DAN KABUPATEN DI PROVINSI JAWA TENGAH
Peran pemerintah dalam meningkatkan Indeks Pembangunan Manusia (IPM) dipengaruhi oleh kinerja keuangan daerah dengan harapan dapat mendorong peningkatan kesejahteraan masyarakat secara keseluruhan. Tujuan penelitian adalah untuk menganalisis pengaruh kinerja keuangan pemerintah daerah terhadap kesejahteraan masyarakat pada pemerintah daerah kabupaten dan kota di Provinsi Jawa Tengah tahun 2017-2022. Analisis kinerja keuangan dilihat dari rasio derajat desentralisasi, efektivitas Pendapatan Asli Daerah (PAD), serapan anggaran dan kesejahteraan masyarakat dilihat dari indikator IPM. Metode analisis data yang digunakan yaitu statistik deskriptif dengan memberikan deskripsi mengenai data-data terkait. Selain itu, menggunakan analisis data panel dengan fixed effect model. Hasil penelitian menunjukkan derajat desentralisasi dan serapan anggaran berpengaruh positif dan signifikan, sedangkan untuk efektivitas PAD tidak berpengaruh terhadap IPM pada pemerintah daerah kota dan kabupaten di Provinsi Jawa Tengah tahun 2017-2022. Implikasi dari penelitian ini dapat dijadikan pedoman untuk memperbaiki proses perencanaan dan penyusunan kinerja keuangan, serta untuk meningkatkan kualitas keuangan pemerintah daerah, yang pada akhirnya berkontribusi pada peningkatan kesejahteraan masyarakat. The government's role in improving Human Development Index (HDI) is influenced by regional financial performance in the hope of encouraging an increase in overall community welfare. The purpose of the study was to analyse the effect of local government financial performance on community welfare in city and district local governments in Central Java province in 2017-2022. Financial performance analysis is seen from the ratio of the degree of decentralisation, the effectiveness of the Pendapatan Asli Daerah (PAD), budget absorption and public welfare seen from the HDI indicator. The data analysis method used is descriptive statistics by providing a description of the related data. In addition, using panel data analysis with fixed effect models. The results show that the degree of decentralisation and budget absorption had a positive and significant effect, while the effectiveness of PAD had no effect on HDI in city and district local governments in Central Java province in 2017-2022. The implications of this research can be used as a guideline to improve the planning process and preparation of financial performance, as well as to improve the quality of local government finances, which ultimately contributes to improving the welfare of the community.
Copyright (c) 2025 Widya Lupita, Arief Rahman (Author) https://creativecommons.org/licenses/by/4.0
DUA DEKADE PAJAK KARBON: ANALISIS BIBLIOMETRIK MENGGUNAKAN R BIBLIOSHINY
Pajak karbon telah menjadi instrumen kebijakan utama dalam upaya mitigasi perubahan iklim dan transisi menuju ekonomi hijau. Penelitian ini bertujuan untuk menganalisis tren publikasi, kolaborasi akademik, dan perkembangan topik penelitian mengenai pajak karbon menggunakan metode analisis bibliometrik. Data diperoleh dari database Scopus, mencakup publikasi dari tahun 2004 hingga 2024, yang dianalisis menggunakan perangkat lunak Biblioshiny. Hasil penelitian menunjukkan bahwa jumlah publikasi mengenai pajak karbon meningkat secara signifikan dalam dua dekade terakhir, dengan dominasi kontribusi dari negara-negara maju seperti China, Amerika Serikat, dan Jerman. Analisis jaringan kata kunci mengungkapkan bahwa pajak karbon sering dikaitkan dengan pengendalian emisi, kebijakan lingkungan, dan dampak ekonomi. Selain itu, peta tematik menunjukkan bahwa pajak karbon merupakan tema dasar dalam penelitian, tetapi masih memerlukan pengembangan lebih lanjut, terutama dalam implementasi kebijakan dan efektivitasnya terhadap pertumbuhan ekonomi dan keberlanjutan. Penelitian ini menegaskan bahwa pajak karbon bukan hanya instrumen fiskal untuk pengurangan emisi, tetapi juga berperan penting dalam mendorong inovasi teknologi hijau dan perencanaan kebijakan lingkungan yang lebih efektif. Carbon taxation has become a key policy instrument in climate change mitigation and the transition to a green economy. This study aims to analyze publication trends, academic collaboration, and research topic development related to carbon taxation using bibliometric analysis. Data were obtained from the Scopus database, covering publications from 2004 to 2024, and analyzed using Biblioshiny software. The results indicate a significant increase in carbon taxation publications over the past two decades, with major contributions from China, the United States, and Germany. Keyword network analysis reveals that carbon taxation is frequently associated with emission control, environmental policy, and economic impact. Furthermore, thematic mapping shows that carbon taxation is a basic theme in research but requires further exploration, particularly in policy implementation and its effectiveness in economic growth and sustainability. The findings suggest that carbon taxation is not merely a fiscal instrument for emission reduction but also plays a crucial role in driving green technology innovation and shaping more effective environmental policy frameworks.
Copyright (c) 2025 Yudithia Mega Gumilang, Siti Mutmainah, Hamdan Adhymaz Pratama (Author) https://creativecommons.org/licenses/by/4.0
THE EFFECT OF DIVIDEND POLICY AND LEVERAGE ON FIRM VALUE: THE MODERATING ROLE OF AUDIT QUALITY
This study analyzes the effects of dividend policy and leverage on firm value, with audit quality as a moderating variable. The sample includes manufacturing firms listed on the Indonesia Stock Exchange from 2015 to 2024. Using a quantitative panel data approach and the random effects model on 67 firm-year observations, the study employs multiple regression and moderation analyses to examine direct and interaction effects. Results show that both dividend policy and leverage positively and significantly affect firm value, highlighting the importance of financial signaling and optimal capital structure in emerging markets. Importantly, audit quality, proxied by Big Four auditor engagement, strengthens the positive link between dividend policy and firm value. This underscores the role of high-quality audits in enhancing financial signal credibility and reducing information asymmetry. However, audit quality does not significantly moderate the leverage–firm value relationship, indicating complexities in managing debt risk. This research advances prior literature by combining financial policies and audit quality in one framework within an underexplored emerging market. The findings offer practical guidance for managers and regulators to leverage audit quality as a strategic means to increase investor confidence and firm valuation in developing economies.
Copyright (c) 2025 Ayudya Arifatur Niza, Lu'lu' Nafiati (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH LEVERAGE TERHADAP RISIKO FINANCIAL DISTRESS: PENDEKATAN ALTMAN, OHLSON DAN ZMIJEWSKI
Penelitian ini mengkaji pengaruh struktur modal terhadap kemungkinan terjadinya financial distress pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2011 hingga 2023. Pecking order theory menjadi dasar analisis dalam mengamati bagaimana ketergantungan perusahaan terhadap pembiayaan utang dapat meningkatkan risiko kebangkrutan. Financial distress tercermin melalui tiga model pengukuran yaitu Altman Z-Score, Ohlson O-Score dan Zmijewski Score, sehingga memberikan gambaran yang lebih komprehensif dan multidimensional. Hasil penelitian menunjukkan bahwa capital structure berpengaruh positif dan signifikan terhadap financial distress dalam seluruh model, yang menunjukan bahwa perusahaan dengan tingkat leverage yang tinggi lebih rentan terhadap tekanan keuangan, terutama di pasar berkembang yang menghadapi keterbatasan dana internal. Selain itu, firm size dan profitability terbukti menurunkan kemungkinan distress, sementara variabel growth opportunities dan dividend payout policies menunjukkan hasil yang bergantung pada model yang digunakan. Temuan ini menegaskan pentingnya keputusan struktur modal dalam mengelola ketahanan keuangan perusahaan dan memberikan implikasi kebijakan yang relevan bagi manajer dan pemangku kepentingan. This study investigates the effect of capital structure, particularly leverage, on the likelihood of financial distress among non-financial firms listed on the Indonesia Stock Exchange (IDX) from 2011 to 2023. The analysis is grounded in the pecking order theory, which explains how firms’ reliance on debt financing may elevate the risk of bankruptcy. Financial distress is captured through three measurement models—Altman Z-Score, Ohlson O-Score, and Zmijewski Score—offering a more comprehensive and multidimensional assessment. Our empirical findings reveal that leverage is positively and significantly associated with financial distress across all models. This indicates that firms with higher debt levels are more vulnerable to financial instability, particularly in markets with limited access to internal funding. Additionally, we find that firm size and profitability reduce the likelihood of distress, while the effects of growth opportunities and dividend payout policies are model-dependent. The results confirm the relevance of capital structure decisions in managing financial vulnerability and offer important implications for corporate financial management in emerging markets.
Leverage, Financial Distres, Pecking Order Theory, Struktur Modal
Copyright (c) 2025 Gun Gun Budiarsyah (Author) https://creativecommons.org/licenses/by/4.0
THE INFLUENCE OF ORGANIZATIONAL CULTURE, TRANSFORMATIONAL LEADERSHIP AND WORK MOTIVATION ON EMPLOYEE PERFORMANCE
This study aimed to determine the relationship between work motivation, transformational leadership, organizational culture, and employee performance at PT Indolakto Pasuruan. The data of this study used quantitative methods obtained through questionnaires distributed to 84 respondents, consisting of production employees, and the analysis was carried out using the SEM-PLS method. This study concluded that organizational culture and transformational leadership style directly and significantly influence work motivation and employee performance. Mediation analysis showed that work motivation mediates the relationship between organizational culture and transformational leadership style with employee performance. This finding supports the managerial strategy of PT Indolakto Pasuruan to improve employee performance, requiring the implementation of a work culture through core values by enforcing work discipline for its employees and transformational leadership that provides an ideal influence for its employees by being a role model, having high integrity, and submitting to and complying with all rules.
Copyright (c) 2025 Yasman, Ratnawati, M. Taufiq Noor Rokhman (Author) https://creativecommons.org/licenses/by/4.0
UNCOVERING THE POTENTIAL OF UNDERDEVELOPED REGIONSSTUDY CASE: BELU REGENCY
The potential of underdeveloped regions is often overlooked, even though these regions hold “significant capital” that can encourage sustainable development. East Nusa Tenggara is one of the provinces in Indonesia that categorized as a under developed region, with Belu Regency having the lowest Village Development Index (IDM). This research aims to explore and identify the potential inherent in underdeveloped regions that has not been optimized. This research uses the Location Quotient (LQ) analysis method to identify base sectors, Shift Share (SSA) to measure economic growth, and Klassen Typology to classify regional growth patterns in Belu Regency. Novelty that can be provided in this research is the synergy of analysis that allows more precise diagnosis of problems and formulation of more targeted interventions. The result of the analysis show that the agriculture, forestry, and fisheries sectors; wholesale and retail trade, repair of cars and motorcycles; financial services; and real estate are the leading potential sectors that can be developed in the development of Belu Regency.
Copyright (c) 2025 Ni Putu Rekha Puspita (Author) https://creativecommons.org/licenses/by/4.0
NIGHTTIME LIGHT SEBAGAI PROKSI INDEKS PEMBANGUNAN MANUSIA INDONESIA TAHUN 2022
Indeks Pembangunan Manusia (IPM) adalah ukuran yang digunakan untuk menilai keberhasilan suatu negara dalam meningkatkan kualitas sumber daya manusianya. Namun, menghitung IPM membutuhkan pengumpulan data yang panjang dan mahal. Data Cahaya Malam (Night Time Life/NTL) dapat menjadi sumber data alternatif yang dapat digunakan sebagai proksi untuk IPM. Penelitian ini bertujuan untuk mengkaji kondisi NTL kabupaten/kota di seluruh Indonesia dan menentukan bagaimana NTL dapat berfungsi sebagai proksi untuk IPM. Penelitian menggunakan regresi linier antara IPM dan NTL dengan dan tanpa variabel kontrol. Hasilnya menunjukkan bahwa kota administratif Jakarta Pusat adalah kota paling terang dengan rata-rata NTL sebesar 46,36. Model regresi pertama dibuat dengan IPM sebagai variabel dependen dan NTL sebagai variabel independen. Model kedua menambahkan variabel kontrol Harapan Hidup, Harapan Lama Sekolah, dan persentase kemiskinan moneter. Dalam kedua model, NTL memiliki hubungan positif yang signifikan dengan IPM. Model dengan variabel kontrol mampu menjelaskan hingga 90,4 persen dari variasi IPM. Pada kedua model terbukti NTL mampu menjadi proksi dalam menghitung IPM dan dimanfaatkan dalam pengambilan kebijakan yang berkaitan dengan IPM. The Human Development Index (HDI) is an indicator of a country's success in developing quality human resources. However, calculating the HDI requires lengthy and expensive data collection. Nighttime Light (NTL) data can be an alternative data source that can be used as a proxy for the HDI. This study aims to examine the NTL conditions of districts/cities throughout Indonesia and determine how NTL can serve as a proxy for the HDI. The study used linear regression between HDI and NTL with and without control variables. The results indicate that the administrative city of Central Jakarta is the brightest city with an average NTL of 46.36. The first regression model was created with the HDI as the dependent variable and NTL as the independent variable. The second model added control variables of Life Expectancy, Expected Years of Schooling, and the percentage of monetary poverty. In both models, NTL had a significant positive relationship with the HDI. The model with control variables was able to explain up to 90.4 percent of the HDI variation. In both models, it is proven that NTL is able to be a proxy in calculating the HDI and is used in policy making related to the HDI.
Copyright (c) 2025 Maulana Faris, Ilmiawan Auwalin (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH ESG DISCLOSURE SERTA INTELLECTUAL CAPITAL TERHADAP KINERJA PERUSAHAAN DENGAN RISIKO LINGKUNGAN SEBAGAIVARIABEL MODERASI
Penelitian ini bertujuan untuk mengkaji pengaruh ESG dan intellectual capital terhadap kinerja perusahaan dengan risiko lingkungan sebagai variabel moderasi Penerapan aspek lingkungan, sosial, dan governance (ESG) di perusahaan terus meningkat, seiring dengan pertumbuhan investasi berkelanjutan. Namun, di Indonesia, eksploitasi sumber daya alam masih marak meskipun ESG diterapkan. Dalam hal ini, penguatan intellectual capital menjadi kunci untuk menciptakan nilai tambah tanpa merusak lingkungan, melalui pemanfaatan pengetahuan, inovasi, dan kompetensi sumber daya manusia. lebih singkat dan bermakna. Sampel terdiri dari 14 perusahaan sektor energi, bahan dasar, dan konsumsi non-siklikal yang terdaftar di Bursa Efek Indonesia periode 2019–2023, dipilih melalui purposive sampling. Analisis dilakukan menggunakan regresi linier panel dengan Eviews 12. Hasil menunjukkan bahwa intellectual capital berpengaruh positif terhadap kinerja, sedangkan ESG tidak berpengaruh signifikan. Risiko lingkungan memoderasi hubungan antara intellectual capital dan kinerja secara negatif, namun tidak memoderasi hubungan ESG dan kinerja perusahaan. Temuan ini menekankan pentingnya pengelolaan risiko lingkungan dan optimalisasi aset tak berwujud dalam mendukung kinerja, khususnya di sektor industri berisiko tinggi. Perusahaan perlu memperkuat strategi keberlanjutan berbasis intellectual capital untuk menjaga daya saing dan memenuhi ekspektasi pemangku kepentingan. This study aims to examine the effect of ESG and intellectual capital on firm performance, with environmental risk as a moderating variable. Although ESG adoption continues to rise alongside the trend of sustainable investment, natural resource exploitation in Indonesia remains high. In this context, strengthening intellectual capital through knowledge, innovation, and human capital competence is key to creating environmentally friendly v alue. The sample includes 14 companies from the energy, basic materials, and non-cyclical consumer sectors listed on the Indonesia Stock Exchange for the 2019–2023 period, selected using purposive sampling. Panel linear regression analysis was conducted using Eviews 12. The results show that intellectual capital positively affects performance, while ESG has no significant effect. Environmental risk weakens the relationship between intellectual capital and performance but does not moderate the effect of ESG. These findings highlight the importance of managing environmental risks and optimizing intangible assets to support performance, especially in high-risk sectors. Companies need to strengthen sustainability strategies based on intellectual capital to maintain competitiveness and meet stakeholder expectations.
Copyright (c) 2025 Sukma Larasati, Lu'lu' Nafiati (Author) https://creativecommons.org/licenses/by/4.0
NIAT BELAJAR MENGGUNAKAN SOFTWARE AKUNTANSI
Pembelajaran mengenai software akuntansi sangat krusial bagi mahasiswa akuntansi untuk menghasilkan lulusan berdaya saing tinggi di pasar kerja. Penelitian ini membuktikan hubungan dari persepsi kegunaan, kemudahan dalam menggunakan, sikap, pengaruh sosial, dan computer self-efficacy pada niat belajar software akuntansi. Data primer dikumpulkan dari 241 mahasiswa pada program sarjana akuntansi di FEB Unud angkatan 2021 dan 2022 melalui kuesioner, kemudian dianalisis menggunakan SmartPLS 4.0. Temuan ini membuktikan adanya efek yang positif dari persepsi pemanfaatan, kemudahan dalam menggunakan, sikap, pengaruh sosial, dan computer self-efficacy secara signifikan pada niat belajar mahasiswa. Hasil studi ini dapat diartikan yakni semakin tinggi keyakinan mahasiswa terhadap manfaat dan kemudahan software, semakin positif sikap mereka, semakin kuat dukungan sosial, dan semakin tinggi kepercayaan diri dalam mengoperasikan komputer, maka semakin besar niat mereka untuk mempelajari teknologi akuntansi. Implikasi penelitian ini menekankan pentingnya integrasi kurikulum dan strategi pembelajaran yang mendukung pengembangan kompetensi digital mahasiswa akuntansi untuk menghadapi tuntutan dunia kerja modern. Learning accounting software is essential for accounting students to produce highly competitive graduates in the job market. This study investigates the relationship between perceived usefulness, ease of use, attitude, social influence, and computer self-efficacy on students’ intention to learn accounting software. Primary data were collected from 241 undergraduate accounting students from the 2021 and 2022 cohorts at the Faculty of Economics and Business, Udayana University, using questionnaires and analyzed with SmartPLS 4.0. The findings reveal that perceived usefulness, ease of use, attitude, social influence, and computer self-efficacy all have a significant positive effect on students’ intention to learn. These results imply that the higher the students’ confidence in the benefits and usability of the software, the more positive their attitude, the stronger the social support, and the greater their confidence in using computers, the stronger their intention to study accounting technology. This research highlights the importance of integrating curriculum and learning strategies that foster digital competence among accounting students to meet the demands of the modern workforce.
Copyright (c) 2025 Ni Luh Made Sri Kusmira, Dodik Ariyanto, I Wayan Suartana, Gede Juliarsa (Author) https://creativecommons.org/licenses/by/4.0
EASE OF DOING BUSINESS DAN INSTRUMEN MONETER SEBAGAI DETERMINAN FDI DI ASEAN-5 DAN ASIA TIMUR
Foreign Direct Investment (FDI) berperan penting dalam mempercepat pertumbuhan ekonomi, terutama di negara berkembang yang bergantung pada modal eksternal untuk mendukung industrialisasi dan penciptaan lapangan kerja. Dalam konteks globalisasi yang semakin dinamis, negara-negara di kawasan ASEAN-5 dan Asia Timur menghadapi persaingan ketat dalam menarik FDI. Kebijakan fiskal maupun moneter yang efektif dalam meningkatkan daya tarik investasi menjadi penting untuk dikaji. Penelitian ini berfokus pada variabel-variabel Ease of Doing Business (seperti Starting Business, getting credit, Paying Taxes, Trading Across Border) dan instrumen moneter (inflasi, suku bunga, nilai tukar, JUB) mempengaruhi FDI di ASEAN-5 plus 4 negara Asia Timur (Singapura, Malaysia, Indonesia, Thailand, Filipina, China, Jepang, Korea Selatan dan Hongkong). Dalam penelitian ini diaplikasikan metode regresi data panel untuk menganalisis variabel mana yang paling signifikan dalam meningkatkan FDI. Hasil penelitian menemukan variabel Starting Business, Paying Taxes, Inflasi dan Nilai Tukar berpengaruh terhadap arus masuk FDI. Penelitian diharapkan dapat memberikan panduan kebijakan dalam memperbaiki regulasi bisnis dan stabilitas moneter untuk menarik investasi lebih besar. Foreign Direct Investment (FDI) plays a crucial role in accelerating economic growth, particularly in developing countries that rely on external capital to support industrialization and job creation. In the increasingly dynamic context of globalization, countries in the ASEAN-5 and East Asia regions face intense competition in attracting FDI. Effective fiscal and monetary policies aimed at enhancing investment attractiveness are therefore essential to examine. This study focuses on how Ease of Doing Business variables (such as Starting a Business, Getting Credit, Paying Taxes, and Trading Across Borders) and monetary instruments (inflation, interest rates, exchange rates, and money supply) influence FDI in the ASEAN-5 plus four East Asian countries (Singapore, Malaysia, Indonesia, Thailand, the Philippines, China, Japan, South Korea, and Hong Kong). A panel data regression method is applied to identify which variables have the most significant impact on increasing FDI inflows. The findings reveal that Starting a Business, Paying Taxes, Inflation, and Exchange Rates significantly affect FDI inflows. This study is expected to provide policy guidance for improving business regulations and ensuring monetary stability to attract greater investment.
Copyright (c) 2025 Firyal Hilmi Maghfiroh Ilahi, Vidya Purnamasari (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH SEKTOR BASIS NON PARIWISATA, PENDIDIKAN DAN UMK TERHADAP PENYERAPAN TENAGA KERJA DI PROVINSI BALI
Diversifikasi ekonomi semakin penting dalam memastikan stabilitas regional, terutama di daerah yang sangat bergantung pada satu sektor ekonomi saja. Penelitian ini menggunakan metode kuantitatif dengan teknik analisis data panel dan pendekatan Dynamic Location Quotient (DLQ) untuk mengidentifikasi sektor basis nonpariwisata di sembilan kabupaten/kota di Provinsi Bali selama periode 2015-2024. Hasil analisis menunjukkan bahwa terdapat empat sektor basis nonpariwisata yaitu sektor pertanian, perikanan, dan kehutanan; sektor industri pengolahan; sektor transportasi dan pergudangan; sektor informasi dan komunikasi. Secara simultan sektor pertanian, perikanan, dan kehutanan; sektor industri pengolahan; sektor transportasi dan pergudangan; sektor informasi dan komunikasi, pendidikan, dan UMK berpengaruh positif dan signifikan terhadap penyerapan tenaga kerja di Provinsi Bali Tahun 2015-2024. Secara parsial sektor pertanian, perikanan, dan kehutanan (X1_1); sektor industri pengolahan (X1_2) berpengaruh positif dan signifikan terhadap penyerapan tenaga kerja, variabel sektor informasi dan komunikasi (X1_4), pendidikan (X2) berpengaruh negatif dan signifikan terhadap penyerapan tenaga kerja di Provinsi Bali, dan sektor transportasi dan pergudangan (X1_3), UMK (X3) berpengaruh positif dan tidak signfikan terhadap penyerapan tenaga kerja di Provinsi Bali. Economic diversification is becoming increasingly important in ensuring regional stability, especially in areas that are highly dependent on a single economic sector. This study employs a quantitative method using panel data analysis techniques and the Dynamic Location Quotient (DLQ) approach to identify nontourism base sectors in the nine regencies/cities of Bali Province during the 2015–2024 period. The analysis results indicate that there are four (4) nontourism base sectors: the agriculture, forestry, and fisheries sector; the manufacturing sector; the transportation and warehousing sector; and the information and communication sector. Simultaneously, the agriculture, forestry, and fisheries sector; the manufacturing sector; the transportation and warehousing sector; the information and communication sector; education; and the minimum wage (UMK) have a positive and significant effect on employment absorption in Bali Province during 2015–2024. Partially, the agriculture, forestry, and fisheries sector (X1_1) and the manufacturing sector (X1_2) have a positive and significant effect on employment absorption. Meanwhile, the information and communication sector (X1_4) and education (X2) have a negative and significant effect on employment absorption in Bali Province. The transportation and warehousing sector (X1_3) and the minimum wage (X3) have a positive but not significant effect on employment absorption in Bali Province.
Copyright (c) 2025 Seli Indah Dela Puspitasari, I Wayan Priyana Agus Sudharma (Author) https://creativecommons.org/licenses/by/4.0
PENGARUH ESG RISK RATING TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI
Isu keberlanjutan semakin menjadi perhatian dalam dunia bisnis, sehingga mendorong perusahaan untuk mengintegrasikan praktik yang bertanggung jawab yakni Environmental, Social, dan Governance (ESG) ke dalam aktivitas bisnisnya. Penelitian ini dilakukan untuk mengetahui sejauh mana pengaruh ESG risk rating terhadap nilai perusahaan serta peran profitabilitas dalam memoderasi pengaruh antara ESG risk ratinng dengan nilai perusahaan. Populasi dalam penelitian ini terdiri dari seluruh perusahaan yang tergabung dalam indeks ESG Leaders pada tahun 2022-2024. Penelitian ini melibatkan 17 perusahaan sebagai sampel yang dipilih melalui teknik purposive sampling dengan kriteria yakni perusahaan yang memiliki penilaian skor ESG risk yang diterbitkan oleh Morningstar Sustainalytics di Bursa Efek Indonesia. Data dikumpulkan dengan mengintegrasikan data cross-section dan time-series. Kemudian, diproses sebagai data panel melalui regresi moderasi menggunakan software E-Views12. Pendekatan analisis yang diterapkkan menggunakan random effect model (REM). Hasil penelitian menunjukkan bahwa ESG risk rating tidak berpengaruh terhadap nilai perusahaan dan profitabilitas terbukti mampu memperkuat pengaruh antara ESG risk rating terhadap nilai perusahaan. Penelitian ini memberikan implikasi bahwa integrasi antara kinerja keberlanjutan dan profitabilitas diperlukan agar penilaian terhadap ESG risk rating berdampak pada nilai perusahaan. Sustainability issues are increasingly becoming a concern in the business world, thus encouraging companies to integrate responsible practices, namely Environmental, Social, and Governance (ESG) into their business activities. This study was conducted to determine the extent of the influence of ESG risk rating on firm value and the role of profitability in moderating the effect between ESG risk rating and firm value. The population in this study consists of all companies incorporated in the ESG Leaders index in 2022-2024. This study involved 17 companies as samples selected through purposive sampling technique with the criteria that companies have an ESG risk score assessment published by Morningstar Sustainalytics on the Indonesian stock exchange. Data was collected by integrating cross-section and time-series data. Then, it is processed as panel data through moderation regression using E-Views12 software. The analytical approach applied is the random effect model (REM). The results showed that ESG risk rating has a positive effect on firm value and profitability proved to be able to strengthen the influence between ESG risk rating on firm value. This study implies that integration of sustainability performance and profitability is necessary for ESG risk rating to have an impact on firm value.
Copyright (c) 2025 Qurratul Akyuni, G. A. Sri Oktaryani Akyuni (Author) https://creativecommons.org/licenses/by/4.0
GREEN ACCOUNTING, KOMISARIS INDEPENDEN, MEDIA EXPOSURE DAN PENGUNGKAPAN LAPORAN KEBERLANJUTAN
Konsep sustainable development atau pembangunan berkelanjutan telah meningkatkan kesadaran masyarakat untuk menuntut tanggung jawab lebih dari konsekuensi operasional perusahaan terhadap alam dan kehidupan masyarakat. Tuntutan tersebut mendorong perusahaan untuk mengarahkan fokus mereka pada paradigma bisnis modern yang menekankan isu sustainability. Riset ini diarahkan guna menelaah dampak green accounting, komisaris independen, dan media exposure pada pengungkapan laporan keberlanjutan. Sumber informasi penelitian ini diperoleh dari data sekunder, sedangkan populasi terdiri atas perusahaan anggota Indeks SRI-KEHATI tahun 2019–2023. Sampel ditetapkan melalui teknik saturation sampling, dengan menggunakan seluruh populasi sebagai sampel. Penelitian ini menjalankan analisis melalui regresi data panel, dengan alat uji yang dijalankan melalui program STATA V17. Temuan penelitian ini mengindikasikan bahwa penerapan green accounting memberikan dampak positif terhadap pengungkapan laporan keberlanjutan. Sedangkan komisaris independen dan media exposure tidak berpengaruh pada pengungkapan laporan keberlanjutan. Penelitian ini dapat memperkuat landasan teori stakeholder dan berperan sebagai informasi tambahan dalam menunjang penetapan keputusan para stakeholder. The concept of sustainable development has raised public awareness to demand greater accountability from companies for the consequences of their operations on the environment and society. Such demands have encouraged companies to redirect their focus toward a modern business paradigm that emphasizes sustainability issues. This study is designed to examine the impact of green accounting, independent commissioners, and media exposure on sustainability report disclosure. The research relies on secondary data, with the population consisting of companies listed in the SRI-KEHATI Index for the 2019–2023 period. The sample was determined using a saturation sampling technique, whereby the entire population was employed as the sample. Data were analyzed using panel regression, with statistical tests performed through the STATA V17 program. The findings indicate that the application of green accounting has a positive impact on sustainability report disclosure, whereas independent commissioners and media exposure do not significantly influence sustainability report disclosure. This research contributes to strengthening stakeholder theory and acts as additional insight that facilitates stakeholders in making informed decisions.
Copyright (c) 2025 Ni Luh Ayu Anggraeni, Eka Ardhani Sisdyani (Author) https://creativecommons.org/licenses/by/4.0
EXPLORING HOW LIVE STREAMING SHAPES MALE CONSUMERS’ PERCEPTIONS OF RATINGS AND REVIEWS
This study aims to understand how consumer reviews, store ratings, and live streaming affect online shopping decisions among male consumers. It also looks into how live streaming can mediate the connection between reviews, ratings, and purchasing choices. We chose a purposive sampling method, focusing on male consumers who are often overlooked in similar research. Data was gathered online through questionnaires filled out by 170 students from three universities in Sikka Regency. To analyze relationships, we used multiple linear regression, and the Sobel Test helped us examine the mediation effects. The results are encouraging, showing that consumer reviews, store ratings, and live streaming all positively influence male consumers' online buying decisions. Interestingly, live streaming serves as a mediator between store ratings and purchase choices, but it doesn't play the same role between reviews and decisions. Overall, this research offers valuable insights into male consumer behavior in the world of e-commerce.
Copyright (c) 2025 Eugenius Besli, Valentin R. G. Bella Adur, Yesita M. V. Mada Hekopung (Author) https://creativecommons.org/licenses/by/4.0
PERAN CONTENT MARKETING DAN INFLUENCER MARKETING DALAM MEMBANGUN LOYALITAS PELANGGAN THE ORIGINOTE MELALUI KEPUASAN PELANGGAN
Kemajuan teknologi yang pesat telah merevolusi strategi periklanan, dengan content marketing dan influencer menjadi alat penting untuk menjangkau konsumen. Penelitian ini bertujuan untuk menganalisis pengaruh content marketing dan influencer marketing terhadap loyalitas pelanggan, dengan kepuasan pelanggan sebagai variabel mediasi pada konsumen skincare The Originote. Penelitian kuantitatif ini menggunakan data yang dikumpulkan melalui kuesioner dari Google Forms dari 180 responden yang dipilih menggunakan purposive sampling. Data dianalisis menggunakan SmartPLS 4.0. Temuan penelitian mengungkap bahwa content marketing tidak memiliki pengaruh signifikan terhadap loyalitas pelanggan, namun berpengaruh positif terhadap kepuasan pelanggan. Hasil yang sama berlaku untuk influencer marketing. Selanjutnya, kepuasan pelanggan berpengaruh positif terhadap loyalitas pelanggan dan secara signifikan memediasi hubungan antara content marketing dan influencer marketing dengan loyalitas. Oleh karena itu, disarankan agar The Originote mengoptimalkan strategi kontennya dan berkolaborasi dengan influencer yang kredibel untuk meningkatkan kepuasan pelanggan, yang pada gilirannya akan berkontribusi pada loyalitas pelanggan jangka panjang di pasar skincare yang semakin kompetitif. The rapid advancement of technology has revolutionized advertising strategies, with Content Marketing and influencers becoming essential tools to reach consumers. This study aims to analyze the influence of Content Marketing and influencer marketing on customer loyalty, with customer satisfaction as a mediating variable among The Originote skincare consumers. This quantitative research used data collected through a Google Forms questionnaire from 180 respondents selected using purposive sampling. The data were analyzed using SmartPLS 4.0. The findings reveal that Content Marketing does not have a significant effect on customer loyalty but positively affects customer satisfaction. The same result applies to influencer marketing. Furthermore, customer satisfaction positively influences customer loyalty and significantly mediates the relationship between Content Marketing and influencer marketing with loyalty. Therefore, it is recommended that The Originote optimize its content strategies and collaborate with credible influencers to enhance customer satisfaction, which contributes to long-term customer loyalty in an increasingly competitive skincare market.
Copyright (c) 2025 Ida Ayu Devashya Dirasti, Muhartini Salim (Author) https://creativecommons.org/licenses/by/4.0
PERAN MINAT BELAJAR DAN KEPERCAYAAN DIRI DALAM MEMODERASI PENGARUH KECERDASAN EMOSIONAL TERHADAP PEMAHAMAN MAHASISWA AKUNTANSI
Lulusan pendidikan vokasi di bidang akuntansi dituntut menguasai keterampilan teknis sekaligus kecerdasan emosional untuk memahami materi pembelajaran yang bersifat aplikatif. Namun, hasil penelitian sebelumnya mengenai pengaruh kecerdasan emosional terhadap pemahaman mahasiswa masih menunjukkan ketidakkonsistenan. Penelitian ini bertujuan untuk menganalisis pengaruh kecerdasan emosional terhadap pemahaman akuntansi mahasiswa, serta menguji peran perilaku belajar, minat belajar, dan kepercayaan diri sebagai variabel moderasi. Penelitian ini didasarkan pada Theory of Planned Behavior dan Taksonomi Bloom dalam domain afektif. Sampel terdiri atas 86 mahasiswa Program Studi DIII Akuntansi dan Perpajakan yang telah menempuh mata kuliah berbasis komputer, dengan teknik purposive sampling. Data dikumpulkan melalui kuesioner untuk variabel afektif dan dokumentasi nilai akademik untuk variabel pemahaman. Analisis menggunakan Moderated Regression Analysis (MRA). Hasil menunjukkan bahwa kecerdasan emosional berpengaruh signifikan terhadap pemahaman mahasiswa. Minat belajar dan kepercayaan diri memoderasi hubungan tersebut secara signifikan, sedangkan perilaku belajar tidak. Temuan ini menekankan pentingnya memperkuat aspek emosional dan psikologis mahasiswa dalam pembelajaran vokasi guna meningkatkan hasil belajar. Graduates of vocational education in accounting are expected to master both technical skills and emotional intelligence to understand application-based learning materials. However, previous studies on the influence of emotional intelligence on students’ comprehension have shown inconsistent results. This study aims to examine the effect of emotional intelligence on accounting students’ comprehension and assess the moderating roles of learning behavior, learning interest, and self-confidence. The research involved 86 students from the Diploma in Accounting and Taxation Program, who had completed computer-based accounting courses. A purposive sampling technique was applied. Data collection used questionnaires for affective variables and academic records for comprehension. The data were analyzed using Moderated Regression Analysis (MRA). The results indicate that emotional intelligence significantly affects students’ comprehension. Learning interest and self-confidence function as moderating variables, enhancing the relationship between emotional intelligence and comprehension. However, learning behavior does not have a significant moderating effect. These findings highlight the importance of integrating emotional and psychological development into vocational learning strategies to support optimal academic performance.
Copyright (c) 2025 Anak Agung Ngurah Agung Kresnandra, Wayan Gde Wahyu Purna Anggara (Author) https://creativecommons.org/licenses/by/4.0
LEVERAGE, AKTIVITAS, GOOD CORPORATE GOVERNANCE DAN FINANCIAL DISTRESS PERUSAHAAN PERTAMBANGAN
Financial distress merupakan keadaan ketika perusahaan mendapati permasalahan keuangan, terutama dalam memenuhi seluruh kewajibannya. Penelitian ini memiliki tujuan untuk menganalisis dampak leverage, aktivitas, dan good corporate governance perihal financial distress pada perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia tahun 2019-2023. Penelitian ini merupakan penelitian kuantitatif. Data kuantitatif diperoleh dengan menggunakan data sekunder yang diperoleh dari hasil laporan keuangan di www.idx.co.id. Dengan menggunakan metode purposive sampling yaitu pemilihan sampel atas dasar kesesuaian antara sampel dengan kriteria pemilihan tertentu dan diperoleh 47 perusahaan sebagai sampel, sehingga total amatan dalam penelitian ini adalah 235 observasi. Penelitian ini dibuktikan dengan analisis regresi linear berganda pada aplikasi SPSS. Berdasarkan hasil analisis regresi linear berganda, dapat disimpulkan bahwa secara simultan keempat variabel tersebut berpengaruh terhadap financial distress. Variabel leverage yang diukur dengan Debt to Asset Ratio (DAR) serta kepemilikan manajerial terbukti memiliki pengaruh signifikan, sedangkan aktivitas yang diukur dengan Total Asset Turnover (TATO) dan kepemilikan institusional tidak menunjukkan pengaruh yang signifikan terhadap kondisi keuangan perusahaan. Financial distress is a situation in which a company encounters financial problems, particularly in fulfilling all of its obligations. This study aims to analyze the impact of leverage, activity, and good corporate governance on financial distress in mining companies listed on the Indonesia Stock Exchange from 2019 to 2023. This study is a quantitative research. Quantitative data was obtained using secondary data from financial statements available at www.idx.co.id. Using purposive sampling, which involves selecting samples based on their alignment with specific selection criteria, 47 companies were selected as samples, resulting in a total of 235 observations in this study. This study was validated using multiple linear regression analysis in the SPSS application. Based on the results of the multiple linear regression analysis, it can be concluded that all four variables simultaneously influence financial distress. The leverage variable, measured by the Debt to Asset Ratio (DAR), and managerial ownership were found to have a significant influence, while activity, measured by Total Asset Turnover (TATO), and institutional ownership did not show a significant influence on the company's financial condition.
Copyright (c) 2025 Raodatul Maknun, Elin Erlina Sasanti (Author) https://creativecommons.org/licenses/by/4.0
MENGURANGI TURNOVER INTENTION KARYAWAN PADA PERUSAHAAN RITEL: PERAN PERSON-JOB FIT, PERSON-ORGANIZATION FIT,DAN WORK ENGAGEMENT
Meskipun tingkat turnover karyawan masih menjadi tantangan serius bagi banyak organisasi, perlu dilakukan studi lebih lanjut untuk memahami faktor psikologis dan organisasi yang mempengaruhi niat berpindah kerja. Penelitian yang mengaitkan person-job fit (PJF), person-organization fit (POF), work engagement (WE) dan turnover intention (TI) masih terbatas. Tujuan penelitian ini adalah untuk menyelidiki pengaruh PJF dan POF terhadap TI yang dimediasi WE. Penelitian ini dilakukan pada karyawan industri ritel yang dikenal dengan tingkat turnover yang tinggi, tepatnya pada 300 karyawan Indomaret di Kota Bengkulu, Indonesia. Sampel diambil dengan teknik survei, jenis penelitiannya adalah kuantitatif, data yang dikumpulkan merupakan data primer yang diperoleh dari jawaban responden melalui kuesioner online dan dianalisis menggunakan PLS-SEM. Studi ini menemukan bahwa PJF tidak berpengaruh signifikan terhadap TI, tetapi berpengaruh signifikan secara tidak langsung melalui WE. POF berpengaruh negatif signifikan terhadap TI, secara langsung maupun tidak langsung melalui WE. PJF dan POF berpengaruh positif signifikan terhadap WE, serta WE berpengaruh negatif signifikan terhadap TI. Penelitian ini menekankan pentingnya membangun lingkungan kerja ysng mendukung keterlibatan emosional dan psikologis karyawan, serta memerhatikan kecocokan nilai individu dan budaya organisasi dalam upaya strategi retensi jangka panjang. Employee turnover remains a significant challenge for many organizations, necessitating further research into the psychological and organizational factors influencing turnover intention (TI). While existing studies on the relationships between person-job fit (PJF), person-organization fit (POF), work engagement (WE), and TI are limited, this study aims to examine the effects of PJF and POF on TI, with WE as a mediating variable. The research was conducted among 300 employees of Indomaret, a retail company in Bengkulu City, Indonesia—an industry known for high turnover rates. Using a quantitative approach, primary data were collected via online questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that PJF does not have a direct significant effect on TI but does have an indirect impact through WE. POF significantly negatively affects TI, both directly and indirectly through WE. Additionally, PJF and POF positively influence WE, while WE negatively affect TI. This study highlights the importance of fostering a supportive work environment that enhances employee engagement and aligning individual values with organizational culture as part of an effective long-term retention strategy.
Copyright (c) 2025 Eshe Putriani, Fahrudin JS. Pareke (Author) https://creativecommons.org/licenses/by/4.0
PERAN KOMITMEN, BEBAN KERJA, DAN MODAL PSIKOLOGIS PADA KINERJA PENYELENGGARA PEMILIHAN UMUM KEPALA DAERAH
Panitia Pemungutan Suara (PPS) memegang peran strategis dalam menjamin pelaksanaan Pilkada yang demokratis, transparan, dan akuntabel, namun sering menghadapi berbagai tantangan yang menghambat kinerja optimal. Penelitian ini mengivestigasi pengaruh komitmen dan beban kerja terhadap kinerja PPS dan sekretariatnya di Kabupaten Buleleng, Provinsi Bali, serta peran moderasi modal psikologis dalam hubungan tersebut. Pendekatan kuantitatif digunakan melalui pengumpulan data dengan kuesioner yang disebarkan kepada 174 anggota PPS dan staf sekretariat. Selanjutnya, teknik analisis Structural Equation Modeling–Partial Least Squares (SEM-PLS) digunakan untuk memproses data. Hasil penelitian menunjukkan bahwa komitmen berpengaruh positif terhadap peningkatan kinerja, sedangkan beban kerja berpengaruh negatif. Lebih lanjut, modal psikologis terbukti berperan signifikan sebagai variabel moderasi, yaitu memperkuat pengaruh positif komitmen sekaligus melemahkan dampak negatif beban kerja terhadap kinerja. Temuan ini menegaskan pentingnya memperhatikan aspek psikologis, seperti optimisme, harapan, resiliensi, dan efikasi diri, dalam mendukung kinerja penyelenggara pemilu di tingkat lokal. Implikasi praktis dari penelitian ini adalah perlunya strategi pengembangan sumber daya manusia berbasis penguatan modal psikologis serta manajemen beban kerja yang proporsional. Dengan demikian, PPS dapat meningkatkan kapasitas profesional, ketahanan mental, dan efektivitas kerja dalam menghadapi kompleksitas penyelenggaraan Pilkada. The Voting Committee (Panitia Pemungutan Suara/PPS) holds a strategic role in ensuring democratic, transparent, and accountable local elections (Pilkada), yet its performance is often constrained by various challenges. This study investigates the effects of commitment and workload on the performance of PPS and its secretariat in Buleleng District, Bali Province, and explores the moderating role of psychological capital. A quantitative approach was employed, collecting data through self-administered questionnaires from 174 PPS members and secretariat staff. The data were processed using the Structural Equation Modeling approach with Partial Least Squares (SEM-PLS). The findings indicate that commitment has a positive effect, while workload has a negative impact on performance. Psychological capital significantly moderates both relationships, strengthening the positive influence of commitment and buffering the adverse effects of workload. These results highlight the importance of developing psychological resources and managing workload effectively to enhance the professional capacity, resilience, and overall performance of election organizers under the complex demands of local election implementation.
Copyright (c) 2025 Nyoman Adi Pramarta, Komang Krisna Heryanda, M. Rudi Irwansyah (Author) https://creativecommons.org/licenses/by/4.0
PROFITABILITAS, CORPORATE GOVERNANCE, PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY(CSR) DAN NILAI PERUSAHAAN
Penelitian ini menganalisis pengaruh probabilitas, corporate governance dan pengungkapan CSR pada nilai perusahaan di sektor consumer non cyclicals yang terdaftar di Bursa Efek Indonesia. Nilai perusahaan ditentukan oleh rasio Tobin's Q, profitabilitas oleh Return on Equity (ROE), corporate governance oleh jumlah komisaris independen, dan pengungkapan CSR oleh Indeks CSRD, yang didasarkan pada Standar GRI 2021. Salah satu hal yang dapat dikontrol adalah ukuran perusahaan. Pengambilan sampel secara purposive sampling yang dipadukan dengan strategi pengambilan sampel non-probability menghasilkan total 78 sampel yang diamati. Program STATA digunakan untuk melakukan analisis regresi linier berganda pada data tersebut. Nilai perusahaan lebih dipengaruhi oleh profitabilitas daripada oleh Corporate Governance serta pengungkapan Corporate Social Responsibility (CSR). Temuan ini menunjukkan bahwa investor terus memberikan prioritas utama pada kinerja keuangan saat menilai nilai perusahaan. Implikasi dari studi ini adalah untuk memberikan informasi baru kepada investor dan bisnis sehingga mereka dapat membuat keputusan yang tepat. This study examines profitability, corporate governance, and CSR disclosure while analyzing the values of consumer sector firms listed on the Indonesia Stock Exchange between 2021 and 2023, excluding cyclical enterprises. The Tobin's Q ratio determines the company's worth, ROE determines profitability, the number of independent commissioners determines corporate governance, and the CSRD Index, which is based on the 2021 GRI Standards, measures CSR disclosure. The size of the company is one of the aspects that may be controlled. The 78 observed samples were obtained using a non-probability sampling approach in conjunction with purposive sampling. The data was examined using multiple linear regression using the STATA tools. Success has a greater impact on a company's value than effective corporate governance or disclosure of corporate social responsibility (CSR). These results demonstrate that when determining a company's value, investors still give financial performance first importance. Implications of this study to provide new information to businesses and investors so they may make well-informed choices.
Copyright (c) 2025 Ni Made Mia Amelia Agripina, Ni Gusti Putu Wirawati (Author) https://creativecommons.org/licenses/by/4.0